Palantir Technologies, an artificial intelligence (AI) systems provider for modern enterprises, has joined forces with Sompo to advance the latter’s digital transformation.
Sompo is the global arm of Sompo Holdings Group responsible for insurance and reinsurance outside Japan. It is said to rank among the top five firms in Brazil’s corporate and agribusiness insurance segment.
The partnership aims to invest over the next three years in data integration and AI solutions to drive digital transformation at Sompo.
Palantir Technologies’ new contract builds on its existing partnership with Sompo Holdings in Japan. The collaboration has enabled the utilisation of the data operations platform Palantir Foundry and Palantir’s Artificial Intelligence Platform (AIP).
The platforms support enhanced decision-making in critical areas such as pricing, underwriting, and risk management. This will result in delivering greater efficiency and faster response times for Sompo’s customers and partners.
Palantir Technologies Brazil financial services and government head Tiago Fetter dos Santos said: “We are proud to partner with Sompo on their Data Analytics and AI journey and support their digital transformation to optimise critical processes for the benefit of the business and its customers.
“The impressive results that we are already delivering together underline our conviction that the company’s bold vision, combined with the adoption of Palantir’s software, will give them a technology-driven competitive advantage in the Brazilian market.”
According to Sompo, the investment in Palantir Technologies’ technologies underscores its commitment to advancing its digital transformation efforts.
By integrating data analytics and AI, Sompo aims to develop intelligent assistants that improve pricing accuracy and operational efficiency, benefiting both insurers and clients.
The first deployment of the software is in Marine Insurance, a sector where Sompo is said to have been a market leader in Brazil since 2017.
The software is already embedded in the pricing processes for the Civil Liability of Road Carriers for Cargo Loss (RCF-DC) and Civil Liability for Road Cargo Transporter (RCTR-C) branches.
It employs advanced models to analyse a substantial volume of physical documents, offering more accurate pricing based on historical data and potential risk factors.
Sompo chief strategy officer Rodrigo Caramez said: “Historically, the search for efficiency involved automating simple, repetitive, and high-volume processes.
“This still applies, but with the new technological frontier applied to the use of data and AI, and the availability of simpler tools with natural language, we can expand this search for efficiency to the organisation’s highly specialised core processes.”
